A quick lesson on making predictions
Political analyst and statistician Nate Silver has gotten some flack lately for consistently projecting a 70-plus percent chance of a Barack Obama win this election. But as Jeff Leek explains, the criticism doesn't spawn from Silver being wrong. Rather, it comes from the critics' misunderstanding of statistics. Leek provides a quick lesson on how Silver makes his predications and how the methods apply to other things, like the weather.
Now, this might seem like a goofy way to come up with a "percent chance" with simulated elections and all. But it turns out it is actually a pretty important thing to know and relevant to those of us on the East Coast right now. It turns out weather forecasts (and projected hurricane paths) are based on the same sort of thing — simulated versions of the weather are run and the "percent chance of rain" is the fraction of times it rains in a particular place.
So Romney may still win and Obama may lose — and Silver may still get a lot of it right. But regardless, the approach taken by Silver is not based on politics, it is based on statistics.
Don't fear the black box.